UNITED STATES SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 15471 / September 4, 1997
SECURITIES AND EXCHANGE COMMISSION V. JASON S. WALL, 97 Civ. 6526 (JSR)
(S.D.N.Y.)
The Commission announced that it filed a Complaint today in federal court
in Manhattan charging a individual with having defrauded investors of an
estimated $200,000 by inducing them to give him money to invest in private
placements supposedly being offered by companies with familiar sounding
names. In this action, the court granted the Commission s request for
emergency relief, including a temporary restraining order and an asset
freeze.
Named in the Complaint is:
Jason S. Wall, 26 years old, who is last known to have resided in New
York, New York. In the past Jason S. Wall has worked as a registered
representative for two broker-dealers: Investors Associates, Inc.,
where Jason S. Wall worked from February 1994 through July 1994, and
A.T. Brod & Co., where he worked for approximately one month until the
firm closed in August 1994. Jason S. Wall has not been a registered
representative of any registered broker-dealer since August 1994.
Specifically, the Complaint alleges that Jason S. Wall, since at least
1996, has been promising investors who gave him money for investments in
private placements with a particular identified company a 25 to 35
percent return in eight weeks. Those companies were identified as:
Hitachi Inc., Walgreens, Inc., Hasbro Inc., Texas Instruments Inc., Toshiba
Inc., Frito-Lay Inc. or Mattel Toys.
According to the Complaint, Jason S. Wall claimed that he worked as a
securities broker for Rothschild Global Investments, Inc. ("Rothschild
Global") and that he had access to these offerings through Rothschild
Global. The Commission alleges that, in fact, Jason S. Wall does not work
for Rothschild Global, a broker-dealer that formerly was registered with
the Commission, but which has been closed since 1995. Moreover, Jason S.
Wall allegedly has never been a registered representative of Rothschild
Global or any other firm containing the name Rothschild. According to
the Complaint, Jason S. Wall never invested the money in the private
placements as he represented he would do.
The Commission also announced that the United States District Court for the
Southern District of New York issued an order today that, among other
things, temporarily restrains Jason S. Wall from committing securities
fraud in violation of Section 17(a)
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of the Securities Act of 1933, and Section 10(b) of the Securities Exchange
Act of 1934 and Rule 10b-5, and freezes his assets. A hearing on the
Commission s application for a preliminary injunction and other relief is
scheduled for Wednesday, September 10, 1997.
The Commission seeks a final judgment permanently enjoining Jason S. Wall
from violating Section 17(a) of the Securities Act of 1933, and Section
10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, and ordering
him to disgorge his ill-gotten gains and to pay prejudgment interest.
The litigation is pending.
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